The current Concorde Agreement is due to expire at the conclusion of the 2020 season, and that means Formula 1 has none of the ten teams locked in to compete in 2021 as things stand presently.  

However, with the Coronavirus putting financial strain on the smaller teams and with the sport trying to sort out a new calendar for the current season due to postponements and cancellations, Carey confirmed that a new Concorde Agreement has dropped down the list of priorities at the moment.  

The American said they were ‘’in the final stages of completing’’ it before the Coronavirus crisis started to happen.  

“We had been in the final stages of completing the Concorde Agreement when the coronavirus crisis turned everything on its head,” Carey said in a call with Wall Street analysts. 

“We decided to put the Concorde on the back burner for the short term, and prioritise addressing issues relating to 2020 first. 

“As we move forward with the 2020 calendar and finalise regulatory changes with the teams we will once again return to completing the Concorde Agreement in the immediate future.” 

Carey also stated that new terms are not actually needed to ensure the racing goes ahead next year. 

“The reality is once you get to 2021 with the FIA on the Concorde we can just deal with it unilaterally, say these are the rules of the road, or this is the structure that exists, so we don’t have to extend anything,” he explained. 

“We can essentially implement and say, ‘If you’re racing, that’s the terms on which you’re racing.’ Obviously that’s not how we’re looking to conclude it with the teams. 

“But the Concorde Agreement when we put it forward will be the Concorde Agreement that goes into effect in ’21, and we are able to unilaterally do that.”